“Now, we are on the 1.58 USD and to get here, we broke an important horizontal support on the 1.75 USD (orange), which was with us since July 2017. Currently, the target is on another horizontal area around the 1.35 USD (red) and the movement towards this line seems imminent. “

1.35 was reached very easy. The price declined even further, reaching the psychological, round barrier on the 1 USD. This is where the drop stopped and the buyers started a reversal. Technically, the upswing started quite innocent: the price broke the mid-term down trendline (black). After that, the rise was backed up by the flag (red lines) and the defence of the 1.26 (orange) support, which is happening right now.

If you need more confirmation, you can wait for the breakout of the upper red line. Once we will receive that, we will be able to claim full bullish victory, which can lead to a stronger positive movement in the nearest future.

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By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.